SFD Secures US$ 120 Mln From World Bank By H2, 2013

The Social Fund for Development (SFD) will receive the US$ 120 million second tranche of the US$ 300 million finance which was agreed upon with the World Bank by the second half of 2013, said Essam el-Korashy, head of SME development group at SFD.

SFD had earlier received the first tranche which is worth US$ 180 million by which it created 18,000 jobs, he added.

El-Korashy told Amwal Al Ghad that SFD offered EGP 900 million to a number of banks and EGP 800 million to a number of non-governmental organizations which are concerned with financing small enterprises.

As part of SFD’s efforts in creating jobs for youth and reduce unemployment, the Fund granted micro-enterprises EGP 200 million, he added.

It is worth mentioning that this project was named the best project executed regionally with the World Bank.